American Spectrum Realty Takes Court Action Regarding Wholly-Owned Subsidiaries
10 Janeiro 2014 - 9:00AM
Business Wire
American Spectrum Realty, Inc. (NYSE MKT: AQQ) – a real estate
investment, management and leasing company – today announced a
recent court filing in the Southern District of Texas as
negotiations regarding three loans pertaining to four Houston
commercial properties broke down with a private equity firm, which
acquired the loans from the original lender.
Three of American Spectrum Realty wholly-owned subsidiaries,
which own four real property assets, filed bankruptcy petitions
under Chapter 11 of the United States Bankruptcy Code. All of these
properties have been posted for foreclosure. The three subsidiaries
are ASR-8 Centre LP, ASR-Parkway One & Two LP and
ASR-Fountainview Place LP. The docket number for the jointly
administered filings is Case No. 14-30174.
Company management initiated this preemptive move to protect the
rights of investors and creditors. The mortgages on these
properties were acquired from the original lender, a Texas bank, in
September 2013 by a private equity firm, which then attempted to
foreclose on the assets. American Spectrum Realty management was
unsuccessful in restructuring the loans in a short time frame
subsequent to the private equity firm’s acquisition of the loans.
Thus, management had no alternative but to preserve shareholder
equity in these projects other than to take legal action.
American Spectrum Realty strongly contends that these assets
have value in excess of the mortgages and other property payables.
Discussions with the private equity firm did not produce a time
frame in which the Company could comfortably unlock what it
believes to be the inherent value in the properties. Consequently,
the bankruptcy petitions were filed in a move to preserve current
value and realize full potential value through either a plan of
reorganization or orderly marketing and sale while American
Spectrum Realty maintains control of the asset management and
property management duties.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interests in
office, industrial, self-storage, RV parks, retail multi-family
properties and undeveloped land throughout the United States.
American Spectrum Management Group, Inc., a wholly-owned subsidiary
of the Company, manages and leases all properties owned by American
Spectrum Realty, Inc. as well as for third-party clients. American
Spectrum Management Group, Inc. provides first-class management and
leasing services for office, industrial, retail, self-storage,
student housing and multi-family properties totaling 10 million
square feet in multiple states. Website:
www.americanspectrumrealty.com
FORWARD LOOKING STATEMENTS
Certain matters discussed in this release are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including the risks and uncertainties of acquiring, owning,
operating and disposing of real estate. Such risks and
uncertainties are disclosed in the Company's past and current
filings with the U.S. Securities and Exchange Commission.
American Spectrum Realty, Inc.Elisa Grainger, CFO(949)
825-6409egrainger@americanspectrum.com
American Spectrum (AMEX:AQQ)
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